4/19/2024

Apr 19, 2024


A nice pop in the markets to end the week after a sharp rise in geopolitical tensions. Retaliatory strikes between Iran and Israel took place overnight and, unfortunately, corn and soybeans need something like this to fuel a price rally. We ended Friday with the prior session’s losses erased and then some. Corn picked up 6 cents and soybeans gain 11-16 cents out to their July 25 contracts. Spreads have firmed this week as well. The USDA confirmed two export sales this morning which included: 216,500 tonnes of corn to Mexico split between the 2023/24 and 2024/25 marketing years and 121,500 tonnes of soybeans for delivery to unknown also split between the 2023/24 and 2024/25 marketing years. The was no shortage of volatility today. Crude oil ranged from 80 cents lower to nearly $5 higher. The DOW was down 500 points overnight but traded 250 points higher during the day session. Wheat ranged the 12-22 cents higher across the different classifications.

May corn futures found a very interesting spot to finish the week. Solidly above the 10-day moving average but only fractionally above the 20- and 50-day moving averages and our October trendline. If trade wants to follow through on today’s action we can see a nice round of technical buying come into the play and maybe give us a chance at challenging the current 100-day moving average. Yesterday was a gut check day for anyone bullish but today’s recovery has corn only -1 cent on the week.

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Mar 31, 2025
USDA reported corn planting acres at 95.326 million acres of corn, which would be up a little more than 5% from 2024's final number and the second highest March figure of the last ten years behind only 2020's estimate of 96.99 mil acres.  US corn stocks as of March 1st were seen at 81.51 billion bushels, which was exactly what the trade had expected and was down just over 2% from March 1 of 2024.  USDA said farmers intended to plant 83.495 million acres of soybeans, which would be down about 4% from last year and was just a hair smaller than what the trade was looking for.  March 1 soybean stocks were pegged at 1.91 billion bu's, which again was nearly exactly as the trade had expected, and was up 3.5% compared to March 1, 2024.
Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...